Bank transfers and payments in multi currency

We can recommend other options as a workaround

1. Utilize this app to pay your international vendors. You can pay in USD as your home currency and your vendors will receive it in their local currency (e.g ZAR). It supports QBO.

https://veem.grsm.io/veems

2. Open a Wise Business account to manage balances in multicurrency. You only need to have one login access and will easily to convert your balance between currency anytime to pay your vendors internationally. It supports QBO.

https://wise.prf.hn/l/64dl92k

Thank you but I don't think you read my question. 

I am having a QuickBooks issue not where can I bank in foreign currency issue. I actually use Wise.com all the foreign currency accounts listed in my initial query are held at wise. I have connected QuickBooks to my wise banking. 

The issue I'm having is that QuickBooks is not letting me pay ( in terms of recording a transaction that has already happened in real life in my bank account) from my GBP account to a ZAR customer. I tried to send the GBP to a ZAR clearing account but but it will only let me transfer to a USD account not to a ZAR account and I paid from GBP to zar  not USD 

if anyone can help  with a workaround much appreciated. 

I've got your back, LMB77.

QuickBooks Online (QBO) makes it easy to help you process foreign funds. To do this, let's make sure that the Multicurrency feature enabled. Note that this is an irreversible process and cannot be changed.

Then, to pay a foreign vendor, you'll have to create a vendor with the correct currency. In recording the payment, you're only allowed to use the bank account with the currency that matches the bill. To do so, you can create a dummy bank account with the vendor's currency and move the funds from your bank account. Then, when recording the payment, you have to use the dummy account. Let me guide you on how:

Create a dummy account:

1. Go to the Gear icon and choose Chart of Accounts.
2. Select the New button.
3. Input the necessary details and then Save and close.

Next, move funds from your account to the dummy account. For guidance, see this article: Transfer funds between accounts.

Once finished, you can now pay the vendor bill. Here's how:

1. Navigate to the +New icon and choose Pay bills.
2. Select the account under the Payment account field.
3. Pick the vendor currency.
4. Choose the open bill/s, then input the amount.
5. Once done, save the transaction.

To further guide you with the detailed steps, please check out this article: Receiving and making payment for a foreign invoice/ bill with a foreign currency.  

Also, you can check out these links to learn more about multicurrency:

• About Multicurrency
• Add transactions in a foreign currency

Don't hesitate to post again if you have any other questions about currency. I'm always here to help. Have a good one.

Thank you  for your help _ i appreciate your time but I did create a dummy account to transfer the GBP to ZAR clearing account so I could then pay the vendor in ZAR 

Quickbooks will only allow me to pay in GBP or transfer from GBP to USD but it will not allow you to transfer from GBP to ZAR ( two foreign currencies ) 

so then I had to transfer from GBP to a USD clearing account ( not knowing the exchange rate because I didn't do it that way in real life)  and then from the USD clearing to a ZAR clearing  ( once again not having an exchange rate and having to do calculations to make it work  because I didn't do it that way in real life) and only from the ZAR clearing account would it let me pay the vendor in ZAR 

if you know of a way  to pay from a GBP or foreign bank account to a vendor in another foreign currency or to even transfer to a clearing account in a  foreign currency please let me know. 

Thanks for following up with the Community, LMB77.
 

I can certainly understand how an ability to pay vendors in foreign currencies could be useful and have submitted a suggestion about it as of today.
 

You can also submit your own feature requests while you're signed in.

Here's how:

1. Use the Gear (⚙️) icon.
   
2. Click Feedback.
   
3. Enter your suggestions and/or comments.
4. Hit Next.
   
5. Choose Skip and send message.
6. The available drop-down menu can be used to pick an appropriate category.
7. Select Send message.
   

Your feedback's definitely valuable to Intuit. It will be reviewed by our Product Development team and considered in future updates. You can stay up-to-date with the latest news about your product by checking out Intuit's Product Updates webpage.

For the time being, you can check our QuickBooks App Store for apps which may be able to help your accomplish what you're looking to do.

I'll be here to help if there's any questions. Enjoy the rest of your day!

Wow is this seriously not a feature of QB already?

I have exactly the same issue.  Its madness that QB cannot do this.

Hello, gafr.

I know that having this feature in QuickBooks Online is indeed a great idea. For now, I’d recommend sending feedback by following the steps given by my colleague above. The more feedback sent to our developers, there's a great chance it will added in the future updates.

In the meantime, feel free to follow the suggestion shared by my colleague TirzahC here.

You can also check the status of your feature request by clicking on this link: Customer Feedback for QuickBooks Online.

Just know that whenever you need help, the QuickBooks Community is here for you! Take care and stay safe.

I know right! 

Until now you still can't make a transfer using 2 foreign currencies.

I am having the same issue with Paypal transactions converting US to GPB using Australia QuickBooks. Clearing account won't work and hard to reconcile. 

Journal entry won't work either. Has anyone found a solution to this?

Welcome to the Community page, @Tradies Bookkeeping.

I am aware that adding this function to QuickBooks Online is a fantastic idea. For the time being, I advise submitting comments by following the instructions provided above by my colleague. The more suggestions that are provided to our developers, the more likely it is that they will include them in the next releases. 

Feel free to use the advice offered here by my colleague TirzahC in the meantime.

By visiting this page: Customer Feedback for QuickBooks Online, you may also see the status of your feature request.

Also, you can check out these links to learn more about multicurrency:

• About Multicurrency
• Add transactions in a foreign currency

Don't hesitate to post again if you have any other questions about currency. I'm always here to help. Have a good one.

@Tradies Bookkeeping 

You need a 3rd party app to reconcile Paypal transactions in multi currency to QBO.

@Fiat Lux - ASIA  Thank you and which app would you recommend for this?

Explore this one.

https://synder.grsm.io/quickbooks

@Tradies Bookkeeping Why are you having trouble reconciling? What are your challenges? A clearing account should work just fine as the current alternative until QBO developers actually make this update happen.

Thanks Paolo for your reply but a clearing account does not work... trying to transfer USD to GPB. I did open clearing accounts in those currencies and tried to transfer via journal entry but it won't allow that sort of currency conversion. Everything has to go via the home currency which is AUS. 

Someone has suggested Synder. I have used Synder before and it will not work at all and not sure he even understood the question in the first place.... 

So stuck not being able to reconcile because I can't replicate the transfers between Paypay US and Paypal GBP. 

I have left an "idea" in that feedback site and will call support today to try and find a way around it in the meantime.